The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday, December 12, 2023, that the Consumer Price Index for All Urban Consumers (CPI-U) saw a slight uptick of 0.1 percent in November on a seasonally adjusted basis. This comes after the index remained unchanged in October.
Over the last 12 months, the all items index has risen by 3.1 percent before seasonal adjustment, indicating a steady rise in consumer prices. However, this is a slightly smaller increase than the 3.2 percent recorded for the year ending in October.
The shelter index continued its upward trajectory in November, effectively offsetting a decline in gasoline prices. The energy index fell by 2.3 percent over the month, largely driven by a 6.0 percent drop in the gasoline index. This outweighed increases in other energy component indexes.
Meanwhile, food prices continued to rise, albeit at a slower pace than in October. The food index increased by 0.2 percent in November, compared to a 0.3 percent rise the previous month. Breaking it down further, the index for food at home saw a modest increase of 0.1 percent, while the index for food away from home rose by 0.4 percent.
Excluding food and energy, the index for all items increased by 0.3 percent in November, slightly more than the 0.2 percent rise seen in October. Costs that contributed to this increase included rent, owners’ equivalent rent, medical care, and motor vehicle insurance. On the other hand, several indexes, including apparel, household furnishings and operations, communication, and recreation, decreased over the month.
On a year-on-year basis, the all items index rose by 3.1 percent for the 12 months ending November, with the index for all items less food and energy rising by 4.0 percent, matching the increase seen in the year ending October.
Energy costs, however, bucked this trend. The energy index decreased by 5.4 percent for the 12 months ending November. On the other hand, the food index increased by 2.9 percent over the last year, indicating a steady rise in food prices.
In conclusion, while some costs such as gasoline and energy saw a decrease in November, the overall Consumer Price Index saw a modest rise, driven largely by shelter costs. This underscores the continued inflationary pressure on the U.S. economy, with key items such as food and housing becoming increasingly expensive for urban consumers.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.